The Future of Artificial Intelligence and its Social, Economic and Ethical Consequences

Recent development in AI has enabled the expansion of its application to multiple domains. From medical treatment, gaming, manufacturing to daily business processes. A huge amount of money has been poured into AI research due to its exciting discoveries. Technology giants like Google, Facebook, Amazon, and Baidu are the driving forces in the field today. But the rapid growth and excitement that the technology offers obscure us from looking at the impact it brings on our society. This short paper gives a brief history of AI and summarizes various social, economic and ethical issues that are impacting our society today. We hope that this work will provide a useful starting point and perhaps reference for newcomers and stakeholders of the field.